Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold was little changed, dipping 60 cents to close under $1,488 after hitting an intraday high above $1,492, as worries about Brexit were offset by hopes for a US-China trade deal.

British PM Boris Johnson faces two key votes today on the fate of his Brexit plan. First Parliament will decide whether to endorse his plan in principle, then whether its three-day timetable for debate and amendment is acceptable.

Failure in either vote throws the fate of Brexit back into disarray, to the detriment of the pound and euro. Gold rose above $1,492 early in the session as traders hedged their bets in case Brexit chaos continues.

Upbeat reports on a pending US-China trade deal rekindled risk-appetite later in the day, however, pulling traders away from gold. Chinese Vice Foreign Minister Le Yucheng said today that progress is being made, and "any problems could be resolved" with mutual respect.

Oil prices rose on the upbeat trade sentiment, with WTI adding 1.7%. Higher crude helped to cushion gold's retracement from early-session gains. The metal often trades in sympathy with oil as a hedge against energy-related inflation.

Uncertainty over the Fed's course on interest rates also neutralized demand. While the Fed funds futures market puts the odds of a quarter-point cut above 93% at the Fed's meeting next week, several prominent committee members have recently voiced skepticism over the need for lower rates.

The other precious metals were mixed, with silver sliding 0.6% while platinum and palladium rose 0.4% and 0.2%, respectively.

At the Comex close: December dipped 60 cents to $1,487.50; December silver dropped 10 cents to $17.50; January platinum rose $3.80 to $896; and December palladium picked up $3.20 to $1,728.50 an ounce.